37-57-117 - Collection and utilization of funds.
§ 37-57-117. Collection and utilization of funds.
All funds derived from such taxation under Sections 37-57-111 through 37-57-119 shall be collected by the tax assessors and/or tax collectors of the county prior to or simultaneous with the sale of the new family unit and shall be deposited into a county trust fund entitled "county school building and repair fund" to be utilized by the county board of education for capital improvements only in compacted areas. However, the board of supervisors of such county shall be authorized to utilize the proceeds of taxation toward paying the principal and interest on full faith and credit bonds of the county which may be issued to provide immediate funds for acquiring sites and constructing public school facilities.
All funds levied and collected under authority of Sections 37-57-111 through 37-57-119 shall be expended for the purposes set forth in said sections and in the manner now provided by law for making such expenditures in counties having a countywide school district.
Sources: Codes, 1942, § 6520-04; Laws, 1972, ch. 504, § 4, eff from and after passage (approved May 19, 1972).